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BSE Code : | NSE Symbol : | ISIN:| SECTOR : |

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Volume 280564

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MARKET CAP (RS CR) 23.85
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News & Announcements

14-Sep-2021

G G Dandekar Machine Works Ltd - Shareholder Meeting / Postal Ballot-Outcome of AGM

24-Aug-2021

G G Dandekar Machine Works AGM scheduled

21-Aug-2021

G G Dandekar Machine Works Ltd - Reg. 34 (1) Annual Report

14-Aug-2021

G G Dandekar Machine Works reports consolidated net loss of Rs 0.32 crore in the June 2021 quarter

24-Aug-2021

G G Dandekar Machine Works AGM scheduled

06-Aug-2021

G G Dandekar Machine Works schedules board meeting

19-Jun-2021

G G Dandekar Machine Works to conduct board meeting

30-Jan-2021

G G Dandekar Machine Works to conduct board meeting

Corporate Actions

Bonus
Splits
Dividends
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Book Closure
Board Meeting
AGM
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Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Category No. of shares Percentage
Total Foreign 81443 1.71
Total Institutions 135680 2.85
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 289634 6.08
Total Promoters 2866470 60.20
Total Public & others 1388160 29.16
Total 4761387 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About G G Dandekar Machine Works Ltd

Incorporated on 8 Dec.'38, G G Dandekar Machine Works (GGD) was promoted by Kirloskar Oil Engines at Khadki, Pune. It manufactures rice mills, dal mills and paddy parboiling plants. The company entered into a collaboration with F H Schuh, Germany, to manufacture modern rice mills in India. During 1994-95, GGD issued 15,166 equity shares of Rs 100 at a premium of Rs 2427.61, as fully paid, to Kirloskar Oil Engines. The company exports its products to Africa, South America, Australia, Fiji, Thailand, Nepal, Srilanka and Bangladesh. During the year 1997-98, as part of the research & development the company has developed and maufactured paddy seperator machine with 48 compartments having higher capacity.

G G Dandekar Machine Works Ltd Chairman Speech

G G Dandekar Machine Works Ltd Company History

Incorporated on 8 Dec.'38, G G Dandekar Machine Works (GGD) was promoted by Kirloskar Oil Engines at Khadki, Pune. It manufactures rice mills, dal mills and paddy parboiling plants. The company entered into a collaboration with F H Schuh, Germany, to manufacture modern rice mills in India. During 1994-95, GGD issued 15,166 equity shares of Rs 100 at a premium of Rs 2427.61, as fully paid, to Kirloskar Oil Engines. The company exports its products to Africa, South America, Australia, Fiji, Thailand, Nepal, Srilanka and Bangladesh. During the year 1997-98, as part of the research & development the company has developed and maufactured paddy seperator machine with 48 compartments having higher capacity.

G G Dandekar Machine Works Ltd Directors Reports

To the Members,

G. G. DANDEKAR MACHINE WORKS LIMITED

Your Directors have pleasure in presenting the 81 Annual Report with the Audited Annual Accounts of the Company for the year ending 31 March 2020.

FINANCIAL PERFORMANCE (Standalone)

(Amt in Rs. Lakhs)

Particulars 2019-20 2018-19
Total Income 459.55 532.55
Profit/(Loss) before exceptional items and tax (366.79) (416.61)
Exceptional Items - -
Profit before tax (366.79) (416.61)
Tax Expense (Current and Deferred Tax) (25.99) (0.26)
Net Profit/(Loss) for the period (340.80) (416.35)
Other Comprehensive Income (250.45) (79.42)
Total Comprehensive Income for the year, net of tax (591.25) (495.77)

FINANCIAL PERFORMANCE (Consolidated)

Particulars 2019-20 2018-19
Total Income 459.55 532.55
Profit/(Loss) before exceptional items and tax (366.79) (416.61)
Exceptional Items - -
Profit before tax (366.79) (416.61)
Tax Expense (Current and Deferred Tax) (25.99) (0.26)
Net Profit/(Loss) after Tax (340.80) (416.35)
Share of Profit of Associate Company 1.1 -
Net Profit/(Loss) for the period for the period (339.69) (416.35)
Other Comprehensive Income (250.45) (79.42)
Total Comprehensive Income for the year, net of tax (590.14) (495.77)

DIVIDEND

Your Directors do not recommend any dividend for the financial year 2019-20.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

1. This section includes discussion on the following matters within the limits set by the Company's Competitive position:

(A) INDIAN ECONOMY

India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships.

India's gross domestic product (GDP) (at constant 2011-12 prices) was estimated to be Rs 145.65 lakh crore (US$ 2.06 trillion) for 2019-20, growing 4.2% against 6.1% expansion in 2018-19. Economic growth slowed to an 11-year low of 4.2% in 2019-20, according to data released by the National Statistical Office. In the final quarter of the year, that is, January-March, the growth rate of Gross Domestic Product (GDP) fell to 3.1%, reflecting the impact of the COVID-19 lockdown.

Although this is the lowest growth rate in the last 44 quarters, it is still higher than the 2.2% growth predicted by most economists and ratings analysts. Agriculture and government expenditure have been the saviours.

Agriculture sector picked up steam in the fourth quarter, growing at rates of 5.9%, even while the manufacturing sector contracted further, recording a negative growth of 1.4%. During 2019-20 crop year, food grain production was estimated to reach a record 295.67 million tonnes (MT). In 2020-21, Government of India is targeting food grain production of 298 MT. The Government has also decided to enhance farm power availability from 2.02 kW per ha (2016-17) to 4.0 kW per ha by the end of 2030 to cope up with increasing demand for food grains.

It will surely propel Agriculture mechanization, it is an essential input to modern agriculture to increase the productivity by making judicious use of other inputs and natural resources etc. The onus rests on mechanization of production and post harvesting operations. It will give boost to the grain processing machinery business address by the company.

(B) INDUSTRY STRUCTURE AND DEVELOPMENT

The India rice milling market is expected to value an estimated USD 392.6 million by the end of 2022 and witness a steady CAGR of 3.51% during the period of 2016 - 2022. The high production of rice in this region and increasing demand for good quality rice are some key drivers for the growth of the rice milling market in India. Also the rise in urbanization, nuclear family and working husband-wife culture has shifted purchasing habits from lose grain to packaged ready to use Rice and it is generating demand for modern rice milling machinery market in India.

The Company's main business is to manufacture Grain Processing Machineries especially for Rice Milling. The mechanized rice milling was introduced by the company and over the period its products are benchmark by the Rice Milling industry. The company has addressed post-harvest processing of rice with "Farm to Plate" concept.

(C) OPPORTUNITIES AND THREATS

The demand for rice is increasing with the rise in population, which has encouraged many rice processing companies to expand production by opening new rice processing plants, which in turn, is propelling the demand for rice milling machinery. Thus, the expansion of rice processing plants is expected to drive market growth and provides ample business opportunities for the company. However, nutrient deficiency in milled rice compared with other rice types may impede market growth.

The recent change in political scene has started making impact on imports from China. Over the period, many Chinese product companies have created their foothold in Indian Rice Milling Machinery market through aggressive pricing policies. Over the period many customers have used these machines however later made up their mind to switch back to Indian manufacturers for quality, prompt service and assured consistent performance. This change will work in favour of Indian manufacturers manufacturing traditional machineries.

Sensing the shift in the market, the company has consolidated its business in traditional machinery and is working on development of machinery with latest technology. The Company always had a focus on Research & Development activities and has successfully upgraded traditional products.

The company has also taken steps to compliments its existing Rice Milling Machinery business by adding machinery and project business for other food grains like pulses, millets, wheat etc. For addressing this huge market potential, the company has entered in to a joint venture with a team of experts, these knowledgeable partners bring in with them technical knowledge and a rich experience in this field. The company's legacy, customer base and new teams experience in grain processing field will give an edge to the company over competition.

New Joint Venture Company has started its operation and is getting good response from the Indian as well as overseas customers. To meet growing demand the company has decided to manufacture and supply rice milling machineries to Joint Venture Company. Henceforth Joint Venture Company will be the main customer for the company. It gives advantage to the company as it can now focus on manufacturing activities. However it will be dependent on Joint Venture Company for orders as well as market inputs.

The company has gone through a painful lockdown process due to the COVID-19 pandemic. It resulted in closure of its operations. It is difficult to estimate the future impact of COVID-19 on the company's operations. While the Company continues to take action to mitigate the impact of the Coronavirus on its business, at this juncture it is difficult to predict the impact of COVID-19 on the operation of the Company, as the nature and duration of the problem is dynamic.

(D) SEGMENT-WISE PERFORMANCE OR PRODUCT-WISE PERFORMANCE

The Company has maintained its customer base and leadership in traditional flagship products like Dandekar Cone Polishers and Table Type Paddy Separator. The company has done major business in Cleaning, Polishing and Grading section. Other than Rice the company's products are preferred for Millets and Wheat processing.

(E) OUTLOOK

The Rice production in India in 2019-20 is put at 117.94 million tonnes. India is the world's leading exporter of rice at a forecast 10.4 million tonnes for 2019-20 up from 9.9 million in 2018-19. The non-basmati exports have rebounded. He attributed to demand from traditional buyers in the African region owing to a surge in Thai rice prices for such an increase. Apart from this, the non-basmati rice shipments have picked up in Malaysia, Philippines, and Russia for food security reasons. The competitive prices, abundant production, and favourable currency have contributed to the jump in exports.

The Indian rice market is the second-largest globally and is currently more advanced than the Chinese market, making it a primary target market for all players. A global and local increase in population has led to a higher production of rice in the country to meet both domestic and export demands. The regions favorable climate for growing rice crops, supportive government policies regarding agriculture and the importance of rice as a staple in the Indian diet are some factors that promote the consistent upward growth of the market. The government has also expanded food security programs to ensure the supply of rice to the poorer parts of the population and has procured around 30% to 35% of total rice production in recent years.

India is expected to achieve the ambitious goal of doubling farm income by 2022. The agriculture sector in India is expected to generate better momentum in the next few years due to increased investment in agricultural infrastructure such as irrigation facilities, warehousing, grain processing facilities and cold storage. Normally the farmers after harvest sell their product to traders without any further processing. Even a mere primary processing like cleaning and grading will give higher price to the farmers. The government focus on grain processing sector will boost demand for the company's products.

Furthermore, India is expected to be self-sufficient in pulses in the coming few years due to concerted effort of scientists to get early maturing varieties of pulses and the increase in minimum support price. It will generates good business opportunities for the company through its Joint Venture Company.

The monsoon forecast is critical to India's food production and GDP growth. The India Meteorological Department (IMD) has predicted a normal monsoon. The southwest monsoon this yearwill be 100 per cent of the long period average (LPA), spelling some cheer for the country's agriculture sector amid the Covid-19 lockdown. This could improve overall economic growth, especially at a time when agriculture is expected to be the only bright spot for India in 2020-21. The growth agriculture sector creates more opportunities for the company's growth through increase in demand for its products.

A well-developed food processing sector with higher level of processing helps in the reduction of wastage, improves value addition, ensures better return to the farmers, promotes employment as well as increases export earnings. Growth in the food processing sector is also expected to open up opportunities for players having strong linkages in the agri-value chain. The company will benefit from these positive factors leading to good demand for grain processing machineries.

(F) RISK AND CONCERNS

Risks of critical importance have been identified over a period of time. These risks are ranked on the basis of their impact on company's business and likelihood of their occurrence. A cross functional team takes stock of these risks and calls for necessary measures to mitigate the risks from the concerned risk owners. The risk owners then produce action plans for risk mitigation which is then evaluated by the team. New risks are added with the changes in economic and market scenarios and undergo the same process.

Identified risks include:

• Many of the smaller Rice mills do not benefit from modern milling solutions due to their existing infrastructure, limited capacity and lack of finance to reinvest. Such mills are forced to opt for cheap and poor-performing machinery. Limited business opportunities with such Rice mills.

• Rise in low cost - low quality machinery manufacturers, dividing existing business amongst many smaller suppliers.

• A significant portion of the company's revenue is generated from sales of grain processing machineries and slowdown in the agricultural sector may affect the demand for machineries.

(G) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate internal control systems to ensure operational efficiency, accuracy and promptness in financial reporting and compliance of various laws and regulations.

The internal control system is supported by the internal audit process. An Internal Auditor has been appointed for this purpose. The Audit Committee of the Board reviews the Internal Audit Report and the adequacy and effectiveness of internal controls periodically.

(H) COMPANY'S FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the financial year under review, your company has achieved turnover of Rs.420.62 Lakhs (previous year Rs. 476.84 Lakhs). The Loss before exceptional items and tax for the period is Rs. 366.79 Lakhs (as against Loss of Rs. 416.61 Lakhs during FY 2018-19). The net loss for the period is Rs. 591.25 Lakhs (as against net loss Rs. 495.77 Lakhs during FY 2018-19).

(I) MATERIAL DEVELOPMENT IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FORMAT, INCLUDING NUMBER OF PEOPLE EMPLOYED

The Company seeks to recruit and retain quality industry professionals and provide them with a high performance environment.

During the financial year, total workforce of the Company stands at 64.

(J) ENVIRONMENT

The Company takes due care in the selection and usage of appropriate material and methods in order to avoid violation of norms formulated to safeguard the environment.

(K) CAUTIONARY STATEMENT

Statements in this Report, particularly those which relate to Management Discussion and Analysis, describing the Company's objectives, projections, estimates and expectations may constitute "forward looking statements" within the meaning of applicable laws and regulations. Actual results might differ materially from those either expressed or implied.

(L) LISTING FEES

The annual listing fees for the year under review have been paid to BSE Limited, where your Company's shares are listed.

(M) COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

As on 31 March 2020, the Company has consolidated the accounts by taking in to consideration the financials of M/s. Navasasyam Dandekar Private Limited.

The Board presents Audited Standalone Consolidated Financial Statements as prepared in compliance with the Indian Accounting Standards and the Listing Regulations.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

Details of significant changes, i.e., change of 25% or more, as compared to the immediately previous Financial Year in key financial ratio, along with detailed explanation therefore:

Particulars Ratio as on 31 March 2020 Ratio as on 31 March 2019 % of Change Explanation, if any
i. Debtors' Turnover 11.37 15.45 16.49%
ii. Inventory Turnover 1.87 2.33 (19.74)%
iii. Interest Coverage Ratio NA NA NA The Company does not have any interest cost.
iv. Current Ratio 0.98 0.94 4.25%
v. Debt Equity Ratio NA NA NA The Company does not have any borrowings.
vi. Operating Profit Margin (%) (74.15) (87.37) (15.13)%
vii. Net Profit Margin (%) (20.09) (87.13) (76.94)% The company has undertaken cost optimization measures.

RETURN ON NET WORTH:

Details of change in Return on Net Worth as compared to the immediately previous Financial Year as follows:

Particulars Ratio as on 31 March 2020 in Ratio as on 31 March 2019 in % of Change Explanations
Rs. Rs.
1 Net Worth (16.83) (11.79) 0.42%

PARTICULARS OF INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO SECTION 134 OF THE COMPANIES ACT, 2013, RULE 8 OF THE COMPANIES (ACCOUNTS) RULES 2014 AND RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

EXTRACT OF ANNUAL RETURN:

As required under Section 134(3)(a) of the Act, read with the Companies (Management and Administration) Rules, 2014, an extract of the Annual return in the prescribed form is attached as 'Annexure I' to this Report.

NUMBER OF MEETINGS OF THE BOARD:

During the year under review, Five (5) Board Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Act.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Act, in respect of Directors' Responsibility Statement, your Directors state that:

a) in the preparation of the annual accounts for the year ended 31 March 2020, the applicable accounting standards had been followed and there were no material departures from the applicable accounting standards;.

b) accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently. Further judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2020 and of the loss of the Company for the year ended on that date;

c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Annual Financial Statements have been prepared on a going concern basis;

e) proper internal financial controls were in place and that the financial controls were adequate and were operating effectively and

f) proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.

DECLARATION BY THE INDEPENDENT DIRECTORS

The Company has received necessary declaration from all Independent Directors under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 that they meet the criteria of independence as laid down.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Board had on the recommendation of the Nomination and Remuneration Committee framed and adopted a policy for selection and appointment of Directors, Key Managerial Personnel (KMP) and Senior Management Personnel and their remuneration. The policy is appended as 'Annexure II' to this Report.

AUDITORS

a. Statutory Auditors

As per the provisions of Section 139 of Companies Act 2013, M/s Kulkarni Soman & Associates, Chartered Accountants, Pune were appointed in the 80th AGM held on 27.09.2019 for a period of five years. The tenure of the Auditors would be completed on the conclusion of the 85 Annual General Meeting as contemplated by the provisions of Section 139 of the Companies Act, 2013.

The Company has received necessary certificate from the Statutory Auditors as required under Section 139(1) of the Companies Act, 2013 stating that their appointment is in accordance with the provisions of Companies Act, 2013 and SEBI Listing Regulations.

b. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Mahesh Athavale, Practicing Company Secretary (Membership No. FCS 2412 CP No. 1488), to undertake the Secretarial Audit of the Company.

c. Cost Auditor

As per the provisions of Section 148 of the Companies Act, 2013 and Rules made thereunder, the Company is not required to maintain cost records and appoint cost auditor.

EXPLANATION ON COMMENTS ON STATUTORY AUDITORS' AND SECRETARIAL AUDIT REPORT:

There are no qualifications, reservations, or adverse remarks or disclaimers made by M/s. Kulkarni Soman & Associates, Statutory Auditors, in their Audit report. Mr. Mahesh Athavale, Company Secretary in Practice in his Secretarial Audit Report has provided the following observations and remarks:

1. There was a delay in transferring the unpaid dividend amount of FY 2010-11 lying with the Company to the Investor Education and Protection Fund (IEPF) as required under Section 124 and Section 125 of the Companies Act, 2013 and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016.

2. The Company could not comply with the provisions about constitution of the Audit Committee and Nomination and Remuneration Committee during the period of 26 days, from December 31, 2019 to January 26, 2020, due to resignation of a director.

3. The company did not have women director during the period September 11, 2019 to January 26, 2020 due to resignation of a women director.

4. The Company did not have a Company Secretary during the period March 10, 2020 to June 15, 2020, due to resignation of the then Company Secretary

Reply:

1. Considering the reconciliation issues with Bank in relation to balance in Unpaid Dividend Account, there was a delay to comply with Section 124 and Section 125 of the Companies Act, 2013, and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer, and Refund) Rules, 2016. However, Company has transferred Unpaid Dividend of FY 2010-11 lying with the Company to IEPF along with corresponding equity shares as on the date of this Report.

2. Mr. Madhav Chandrachud resigned as a Director from December 30, 2019. Thereafter, a meeting of the Board of Directors was held on January 27, 2020, wherein the Audit Committee and Nomination and Remuneration Committee were reconstituted.

3. Mrs. Savita P. Sahasrabudhe was appointed as Independent Director for 5 years from September 11, 2014. Her tenure completed on September 10, 2019. Thereafter, Ms. Smita Raichurkar was appointed as Additional (Non-Executive) Director from January 27, 2020.

4. Mr. Ajay Shrivastava resigned as the Company Secretary from the closing of business hours on March 9, 2020. Thereafter, Company has appointed Ms. Sayalee Yengul as the Company Secretary from June 15, 2020.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Your Company has not given any loan or guarantee or security as contemplated by Section 186 of the Companies Act, 2013 during the financial year under review. Company has made the following investments during the financial year under review.

Name of Investee Entity Number of Equity Shares Face Value of Shares (Rs) Total Amount Invested (Rs.)
1 Navasasyam Dandekar Private Limited (Incorporated on 29.11.2019) 49,000 1.00 49,000.00
2 Kirloskar Management Services Private Limited (Incorporated on 27.01.2020) 3,75,000 10.00 37,50,000.00
Total - - 37,99,000.00

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188:

The contracts or arrangements entered into by the Company with Related Parties during the financial year 2019-2020 were at arm's length and in the ordinary course of business. Hence, no particulars are being provided in Form AOC-2. None of the related party transactions entered into by the Company, were materially significant requiring members' approval under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including amendments thereunder.

The policy on Related Party Transactions as adopted by the Board is uploaded on the Company's website. The disclosures as per IND-AS 24 for transactions with related parties are provided in the Financial Statements of the Company.

STATE OF COMPANY'S AFFAIRS:

Discussion on state of Company's affairs has been covered in the Management Discussion and Analysis Report.

AMOUNTS PROPOSED TO BE CARRIED TO RESERVES:

Particulars of the amounts proposed to be carried to reserves have been covered in Notes to the financial statements of the company.

MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE SHEET AND THE DATE OF REPORT:

The material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report are covered in the Management Discussion and Analysis Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy and Technology Absorption:

Pursuant to Section 134 (3) (m) of the Act read with Rules there under, the report regarding conservation of energy, technology absorption is annexed herewith as 'Annexure IV'

B. Foreign exchange earnings and Outgo:

Particulars 2019-20 2018-19
I) Foreign Exchange earned in terms of actual inflows during the year Nil Nil
ii) Foreign Exchange outgo during the year in terms of actual outflows Nil Nil

RISK MANAGEMENT POLICY:

The Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identified are systematically addressed through risk mitigating actions on a continuing basis. These are discussed at the meetings of the Audit Committee and the Board of Directors of the Company from time to time.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As Net worth of the Company is not more than Rs. 500 crore, its turnover is not more than Rs. 1000 crore and its net profit is not more than Rs. 5 crore, consequently the provisions of section 135 of the Companies Act, 2013 are not applicable to the Company. The Company is not required to constitute the Corporate Social Responsibility, frame the CSR policy or spend the amount on CSR.

BOARD EVALUATION:

Pursuant to provisions of the section 134(3)(p), 149(8) and Schedule IV of the Companies Act, 2013 and Regulation 17 of SEBI Listing Regulations, annual performance evaluation of Directors as well as of the Audit Committee, Nomination & Remuneration Committee and Stakeholders' Relationship Committee of the Board has been carried out.

The performance evaluation of the Independent Directors was carried out by the entire Board and the Performance Evaluation of Chairman and Non-Independent Directors was carried out by the Independent Directors.

The manner in which the evaluation has been carried out has been provided in the Corporate Governance Report.

DETAILS OF SUBSIDIARIES, JOINT VENTURES (JV) OR ASSOCIATE COMPANIES (AC):

Your Company has an associate company, Navasasyam Dandekar Private Limited w.e.f. 29.11.2019.

PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

Your Company has a business tie-up with a team of experts in grain processing technology and formed a Joint Venture Company (JVC) with a capital contribution of INR 49,000/- for 49% of stake in the JVC.

The JVC has been incorporated in the name of 'Navasasyam Dandekar Private Limited' on 29.11.2019.

The JVC has through a slump sale transaction acquired certain movable fixed assets, current assets, and current liabilities at their book values, for an aggregate consideration of INR 9,33,460/-, from Navasasyam Processing Equipment Private Limited (NPEPL) and Miror International Private Limited (MIPL).It has started its commercial operations from 01.01.2020.

The terms of the prospective business transactions with the JVC including the pricing formula for sale of equipment and spare parts to JVC was finalized and approved by the Audit Committee and Board of Directors.

The JVC has placed Purchase Orders on the company and the company has started working on these orders.

The Company has received audited financial results from JVC as on 31st March 2020 and the same are consolidated with the company's financial result for the first time. JVC has clocked a turnover of INR 2.80 crores in the financial year ended on March 31st 2020, and turned in a profit before tax of INR 2.72 lakhs in just 3 months of business activity.

The JVC has its registered office in Pune with branch offices in Mumbai, Bangalore & Nagpur.

CHANGE IN THE NATURE OF BUSINESS, IF ANY:

There has been no change in the nature of business during the financial year under review.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED DURING THE YEAR 2019-20:

During the year under review:

Mr. Rajesh D. Phadke (DIN: 02749329), Non-Executive and Independent Director resigned w.e.f. 16.05.2019, Mr. Pawan J. Rathi (DIN: 06669485) was appointed as Non-Executive and Independent Director w.e.f. 16.05.2019, Mrs. Savita Sahasrabudhe (DIN: 06926402)) ceased to be a Non-Executive and Independent Woman Director on 10.09.2019 due to completion of term of appointment, Mr. Madhav Chandrachud (DIN: 06419028) Non-Executive and Non-Independent Director resigned w.e.f. 30.12.2019, Ms. Smita Raichurkar (DIN: 08179533) was appointed as Additional (Non-Executive and Non Independent) Director w.e.f. 27.01.2020 and Mr. Chinmay Bhandari (DIN: 07843049) was appointed as Additional (Non-Executive and Independent) Director w.e.f. 27.01.2020

Mr. Ajay Shrivastava was appointed and designated as Company Secretary and Compliance Officer of the Company w.e.f. February 14, 2019 and subsequently resigned from the office of Company Secretary and Compliance Officer of the Company w.e.f.March 9, 2020. The Company has thereafter appointed Ms. Sayalee Yengul as Company Secretary and Compliance Officer of the Company w.e.f. June 15, 2020.

Mr. Mahavir Barlota was appointed as Chief Financial Officer of the Company w.e.f. February 14, 2019 and subsequently resigned from his post w.e.f. March 14, 2019 and in his place Mr. Shishir Panse is appointed as Chief Financial Officer of the Company w.e.f. June 15, 2020.

DIRECTOR(S) PROPOSED TO BE APPOINTED / RE-APPOINTED AT THE ENSUING ANNUAL GENERAL MEETING

Mr. Nihal Kulkarni (DIN:01139147), who retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The Company has also received the requisite disclosure / declaration from Mr. Nihal Kulkarni.

Considering the same, the Board recommends the Ordinary resolution for his re-appointment as Non-Executive Director.

Mrs. Smita Raichurkar (DIN 08179533) was appointed as an Additional Director (Non-Executive and Non Independent) on 27th January, 2020on the recommendation of the Nomination and Remuneration Committee, who shall hold office till the conclusion of the ensuing Annual General Meeting. The Board considering her knowledge about statutory and regulatory laws, expertise and experience in developing and implementing Risk Management and Compliance Management system, consideredher appointment as Non-Executive Non-Independent Director of the Company liable to retire by rotation.

Considering recommendation of Nomination and Remuneration Committee and performance of Ms. Smita Raichurkar, the Board of Directors of the Company has requested to the members for her appointment as Non-ExecutiveNon Independent Director liable to retire by rotation.

The Board recommends the Ordinary resolution for her appointment as Non-Executive Non-Independent Director.

Mr. Chinmay Bhandari (DIN 07843049) was appointed as an Additional Director (Non-Executive and Independent) on 27th January, 2020 on the recommendation of the Nomination and Remuneration Committee, who shall hold office till the conclusion of the ensuing Annual General Meeting. The Board considering his expertise, knowledge and experience in management, research and development & Information Technology, considered his appointment as Non-Executive Independent Director of the Company for a period of 5 (five) years with effect from 27 January 2020 till 26th January 2025.

Considering recommendation of Nomination and Remuneration Committee and performance of Mr. Chinmay Bhandari, the Board of Directors of the Company has requested to the members for his appointment as Independent Director for a term of 5 years as per applicable provisions of Companies Act, 2013.

Considering the same, the Board recommends the Special resolution for his appointment as Independent Director.

The brief resumes and other details relating to Director(s) who are proposed to be appointed, as required to be disclosed under

Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, form part of the Explanatory Statement to the Notice of the Annual General Meeting.

The resolutions seeking approval of members for the appointment of these Directors have been incorporated in the Notice of the forthcoming Annual General Meeting of the Company.

DETAILS RELATING TO DEPOSITS COVERED UNDER CHAPTER V OF THE COMPANIES ACT, 2013:

Your Company has not accepted any deposits under the provisions of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014 as amended from the public, or its employees etc. during the year under review.

DETAILS OF SIGNIFICIANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

The Company has not received any order from Regulators, Courts or Tribunals during the year, which may impact the Going Concern Status or the Company's operations in future.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

The Company has in place adequate internal financial controls with reference to financial statements.

Regular management oversight and rigorous periodic testing of internal controls makes the internal controls environment strong at the Company. The Audit Committee along with Management overseas results of the internal audit and reviews implementation on a regular basis.

BOARD COMMITTEES:

Your Company has in place the following Committees under the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There are currently three committees of the Board, namely:

• Audit Committee

• Nomination & Remuneration Committee

• Stakeholders' Relationship Committee.

Details of the Committees along with their charter, composition and meetings held during the year, are provided in the Corporate Governance Report, which forms part of this Report.

INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The relevant information pursuant to Rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed at 'Annexure V' to this report.

VIGIL MECHANISM

The Company has formulated and implemented the Whistle Blower Policy / Vigil Mechanism ('the Policy'). This provides a mechanism for directors and employees of the Company and other persons dealing with the Company to report to the Chairman of the Audit Committee any instance of unethical behavior, actual or suspected fraud or violation of the Company's code of conduct. The policy has also been uploaded on the Company's website.

CASH FLOW

A cash flow statement for the year ended 31 March 2020 is attached to the Balance Sheet as a part of Financial Statements.

CORPORATE GOVERNANCE:

In terms of Regulation 34(3)of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Report on Corporate Governance, along with the Certificate of Compliance from the Secretarial Auditors, forms part of the Annual Report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013.

Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

No complaints were received during the year 2019-20.

PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197 READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

Particulars of employees pursuant to section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report.

The information as required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be provided upon request by any member of the Company. In terms of Section 136(1) of the Companies Act, 2013, the Report and the Accounts are being sent to the members excluding the said Annexure. Any member interested in obtaining copy of the same may write to the Company Secretary at the Registered Office of the Company.

DISCLOSURE OF REMUNERATION OR COMMISSION RECEIVED BY A MANAGING OR WHOLE-TIME DIRECTOR FROM THE COMPANY'S HOLDING OR SUBSIDIARY COMPANY:

There were no instances of receiving remuneration or commission by a Managing or Whole time Director of the company from its holding or subsidiary company during the FY 2019-20 requiring the disclosure under section 197(14) of the Companies Act, 2013.

EVENT BASED DISCLOSURES IN DIRECTORS REPORT:

The Company has not issued any shares with differential voting rights or Sweat Equity shares or shares under ESOP. The Company has not provided any money to its employees for purchase of its own shares hence the company has nothing to report in respect of Rule 4(4), Rule 12(9) and Rule 16 of the Companies (Share Capital & Debentures) Rules, 2014.

SECRETARIAL AUDIT REPORT:

The Secretarial Audit Report submitted by Company Secretary in Practice according to the provisions of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is enclosed as a part of this report as 'Annexure III'.

ACKNOWLEDGMENTS

Your Directors wish to place on record, their appreciation for the contribution made and support provided to the Company by the shareholders, employees and bankers, during the year under the report.

FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN:

AS AT FINANCIAL YEAR ENDED 31 MARCH, 2020

[Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS

CIN L99999MH1938PLC002869
Registration Date 8th December 1938
Name of the Company G. G. Dandekar Machine Works Limited
Category / Sub-Category of the Company Company limited by shares / Non-govt company
Address of the Registered Office and contact details 211/A, MIDC Butibori Industrial Area,
Kinhi Village, Tah. Hingna,
Dist. Nagpur 441122
Tel: +91(07103) 295109
Website: www.ggdandekar.com
Whether listed company Yes
Name, address and contact details of Registrar and Transfer Agent, if any Link Intime India Private Limited
"Akshay" Complex, Block No. 202, 2nd Floor,
Near Ganesh Temple, Off. Dhole Patil Road,
Pune 411 001
Tel: +91(20) 26161629 / 26160084
Fax: +91(20) 26163503
Email: pune@linkintime.co.in

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the Company:

Name and description of main products / services NIC code of the product / service % to total turnover of the Company
1 Food Processing Machinery 28252 100%

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Name and address of the Company CIN/GLN Holding / Subsidiary Associate % of shares held Applicable/ Section
1. Navasasyam Dandekar Private Limited, Sr. No.1479, Flat No. 405, Status Point, Tilak Road, Sadashiv Peth, Pune 411030 Maharashtra U29309PN2019 PTC188112 Associate Company 49% 2(6)

IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i) Category-wise Shareholding

No. of shares held at the beginning of the year No. of shares held at the end of the year
Category of Shareholders Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares % change during the year
A. Promoters
(1) Indian
a. Individual / Hindu Undivided Family 28,66,320 0 28,66,320 60.20 28,66,320 0 28,66,320 60.20 0.00
b. Central Government 0 0 0 0.00 0 0 0 0.00 0.00
c. State Government (s) 0 0 0 0.00 0 0 0 0.00 0.00
d. Bodies Corporates 150 0 150 0.00 150 0 150 0.00 0.00
e. Bank / Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
f. Any other 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total
(A) (1) :- 28,66,470 0 28,66,470 60.20 28,66,470 0 28,66,470 60.20 0.00
(2) Foreign
a. Non Resident 0 0 0 0.00 0 0 0 0.00 0.00
Indians - Individuals
b. Other - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
c. Bodies Corporates 0 0 0 0.00 0 0 0 0.00 0.00
d. Banks / Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
e. Any other 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total
(A) (2):- 0 0 0 0.00 0 0 0 0.00 0.00
Total Shareholding of Promoter (A) = (A) (1) + (A) (2) 28,66,470 0 28,66,470 60.20 28,66,470 0 28,66,470 60.20 0.00
B. Public Shareholding
1. Institutions
a. Mutual Funds 0 0 0 0.00 0 0 0 0.00 0.00
b. Banks / Financial Institutions 900 0 900 0.02 0 0 0 0.00 (0.02)
c. Central Government 0 0 0 0.00 0 0 0 0.00 0.00
d. State Government (s) 0 0 0 0.00 0 0 0 0.00 0.00
e. Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00

 

f. Insurance Companies 1,35,680 0 1,35,680 2.85 1,35,680 0 1,35,680 2.85 0.00
g. Foreign Institutional Investors 0 0 0 0.00 0 0 0 0.00 0.00
h. Foreign Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
I. Others (Specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total (B) (1) 1,36,580 0 1,36,580 2.87 1,35,680 0 1,35,680 2.85 (0.02)
2. Non - Institutions
a. Bodies Corporate Indian 3,01,363 6,300 3,07,663 6.46 2,93,603 5,850 2,99,453 6.29 (0.17)
ii. Overseas 0 0 0 0.00 0 0 0 0.00 0.00
a. Individuals
I. Individual shareholders holding nominal share capital up to Rs. 2 Lakh 10,09,999 2,19,246 12,29,245 25.82 10,37,711 1,94,726 12,32,437 25.89 0.07
ii. Individual shareholders holding nominal share capital in excess of Rs. 2 Lakh 0 0 0 0.00 0 0 0 0.00 0.00
b. Others (Specify)
a. IEPF 57,904 0 57,904 1.22 81,444 0 81,444 1.71 0.49
b. HUF 55,604 0 55,604 1.17 63,461 0 63,461 1.33 0.16
c. Clearing members 24,861 0 24,861 0.52 330 0 330 0.01 (0.51)
d. NRI (Repatriate) 65,202 0 65,202 1.37 64,269 0 64,269 1.35 (0.02)
e. NRI (Non- Repatriate) 11,558 6,300 17,858 0.38 11,543 6,300 17,843 0.37 (0.01)
Sub-total (B)(2)- 15,26,491 2,31,846 17,58,337 36.93 15,52,361 2,06,876 17,59,237 36.95 0.02
Total Public Shareholding (B) =(B) (1)+ (B) (2) 16,63,071 2,31,846 18,94,917 39.80 16,88,041 2,06,876 18,94,917 39.80 0.00
C. Shares held by custodian for GDRs and ADRs 0 0 0 0.00 0 0 0 0.00 0.00
Grand Total (A+B+C) 45,29,541 2,31,846 47,61,387 100.00 45,54,511 2,06,876 47,61,387 100.00 0.00

(ii) Shareholding of Promoters

Shareholding at the beginning of the year Shareholding at the end of the year
Shareholder's Name No. of Shares % of total shares of the Company % of Shares pledged / encumbered to total shares No. of Shares % of total shares of the Company % of Shares pledged / encumbered to total shares % change in shareholding during the year
1 Atul C. Kirloskar 5,61,140 11.79 0.00 5,61,140 11.79 0 0.00
2 Sanjay C. Kirloskar 360 0.01 0.00 360 0.01 0 0.00
3 Rahul C. Kirloskar 5,50,180 11.56 0.00 5,50,180 11.56 0 0.00
4 Arti A. Kirloskar 4,00,000 8.40 0.00 4,00,000 8.40 0 0.00
5 Alpana R. Kirloskar 4,00,000 8.40 0.00 4,00,000 8.40 0 0.00
6 Jyotsna G. Kulkarni 9,54,280 20.04 0.00 9,54,280 20.04 0 0.00
7 Mrinalini S. Kirloskar 180 0.00 0.00 180 0.00 0 0.00
8 Vikram S. Kirloskar 90 0.00 0.00 90 0.00 0 0.00
9 Roopa J. Gupta 90 0.00 0.00 90 0.00 0 0.00
10 Alpak Investments Pvt. Ltd. 50 0.00 0.00 50 0.00 0 0.00
11 Navsai Investments Pvt. Ltd. 50 0.00 0.00 50 0.00 0 0.00
12 Achyut and Neeta Holding and Finance Pvt. Ltd. 50 0.00 0.00 50 0.00 0 0.00

Note: In case of Joint holding, name of first holder is considered.

(iii) Change in Promoters' Shareholding (please specify, if there is no change)

During the year under review, there has been no change in the Shareholding of Promoters'.

(iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and Holders of GDR and ADRs)

Shareholding at the beginning of the year

Cumulative Shareholding during the year

Sr. No For each of the Top 10 Shareholders Reason No. of shares % of total shares of the company No. of Shares % of total shares of the company
1. K. V.Developmentand Investment Co. Pvt. Ltd.
At the beginning of the year of the year (01.04.2019) 2,68,664 5.64 2,68,664 5.64
Decrease, if any No change 0 0.00 0 0.00
Increase, if any No change 0 0.00 0 0.00
At the end of the year (31.03.2020) 2,68,664 5.64 2,68,664 5.64
2. The Oriental Insurance Co. Ltd
At the beginning of the year of the year (01.04.2019) 1,35,680 2.85 1,35,680 2.85
Decrease, if any No change 0 0.00 0 0.00
Increase, if any No change 0 0.00 0 0.00
At the end of the year (31.03.2020) 1,35,680 2.85 1,35,680 2.85
3. Investor Education and Protection Fund
Authority Ministry of Corporate Affairs
At the beginning of the year of the year (01.04.2019) 57,904 1.22 57,904 1.22
Decrease, if any - - - - - -
Increase, if any Transfer 23,540 0.49 23,540 0.49
At the end of the year (31.03.2020) 81,444 1.71 81,444 1.71
4. Krishna Kumar Dharamshi Somaiya
At the beginning of the year of the year (01.04.2019) 62,025 1.30 62,025 1.30
Decrease, if any No Change 0 0.00 0 0.00
Increase, if any No Change 0 0.00 0 0.00
At the end of the year (31.03.2020) 62,025 1.30 62,025 1.30
5. Bakre Ajay Shaligram
At the beginning of the year of the year (01.04.2019) 43,005 0.90 43,005 0.90
Decrease, if any No change No change 0 0.00 0 0.00
Increase, if any Transfer (Buy) Transfer (Buy) 11,544 0.25 11,544 0.25
At the end of the year (31.03.2020) 54,549 1.15 54,549 1.15
6. Devkishan Chitlangia
At the beginning of the year of the year (01.04.2019) 43,974 0.92 43,974 0.92
Decrease, if any No Change 0 0.00 0 0.00
Increase, if any Transfer (Buy) 3,739 0.07 3,739 0.07
At the end of the year (31.03.2020) 47,713 1.00 47,713 1.00
7. K V Deodhar
At the beginning of the year of the year (01.04.2019) 42,840 0.89 42,840 0.89
Decrease, if any No Change 0 0.00 0 0.00
Increase, if any No Change 0 0.00 0 0.00
At the end of the year (31.03.2020) 42,840 0.89 42,840 0.89
8. Minoo Babu
At the beginning of the year of the year (01.04.2019) 25,700 0.54 25,700 0.54
Decrease, if any No Change 0 0.00 0 0.00
Increase, if any Transfer (Buy) 4,300 0.09 4,300 0.09
At the end of the year (31.03.2020) 30,000 0.63 30,000 0.63
9. Shivanand Ramkrishna Prabhu
At the beginning of the year of the year (01.04.2019) 23,350 0.49 23,350 0.49
Decrease, if any No Change 0 0.00 0 0.00
Increase, if any Transfer (Buy) 150 0.00 0 0.00
At the end of the year (31.03.2020) 23,500 0.49 23,500 0.49
10. Ramesh Shantilal Tolat
At the beginning of the year of the year (01.04.2019) 20,600 0.43 20,600 0.43
Decrease, if any No Change 0 0.00 0 0.00
Increase, if any No Change 0 0.00 0 0.00
At the end of the year (31.03.2020) 20,600 0.43 20,600 0.43

Note:

a. In cases of joint holding, the name of the first holder is considered.

b. The shareholding details given above are based on the legal ownership and not beneficial ownership and is derived on the folio number listing provided by the Registrar and Transfer Agent of the Company.

c. Since the shareholding of top ten shareholders are held in electronic form, it is not feasible to provide date-wise increase or decrease in the shareholding pattern of top ten shareholders during the financial year.

(v) Shareholding of Directors and Key Managerial Personnel:

Shareholding at the beginning of the year

Cumulative Shareholding during the year

For each of the Directors and KMP No. of shares % of total shares of the company No. of Shares % of total shares of the company
1 Mr. Mangesh S. Joshi, Wholetime Director - -
At the beginning of the year 1 0.00 1 0.00
Date wise Increase / Decrease in Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus / sweat equity etc): No Change No Change No Change No Change
At the End of the year 1 0.00 1 0.00

Note: No other Director(s) or Key Managerial Personnel(s) hold any equity share of the Company.

V. INDEBTEDNESS (Amt. in Rs.)

Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the Financial Year
I. Principal Amount 0 0 1,06,000 1,06,000
ii. Interest due but not paid 0 0 0 0
Iiii. Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 1,06,000 1,06,000
Changes in Indebtedness during the Financial Year
I. Addition - 0 0 0
ii Reduction - 0 0 0
Net Change 0 0 0 00
Indebtedness at the end of Financial Year
i. Principal Amount 0 0 1,06,000 1,06,000
ii. Interest due but not paid 0 0 0 0
iii. Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 1,06,000 1,06,000

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration of Managing Director, Whole-time Directors and / or Manager:

Sr. No Particulars of Remuneration Name of Managing Director / Whole Time Director / Manager
Mr. Mangesh S. Joshi
Executive Director
1 Gross Salary (Amount in Rs. )
a) Salary as per provisions contained in Section 17(1) of the Income Tax Act, 1961 42,36,000
b) Value of perquisites under Section 17(2) of the Income Tax Act, 1961 47,967
c) Profits in lieu of salary under Section 17(3) of the Income Tax Act, 1961 -
2 Stock Option -
3 Sweat Equity -
4 Commission
- as % of profit
- others, specify …..
5 Others, please specify (Company's contribution towards PF) 1,44,000
Total (A) 44,27,967

B. Remuneration to other Directors:

Name of Directors

Particulars of Remuneration Independent Directors Mr. Rajesh D. Phadke Mr. Saurabh B. Patwardhan Mrs. Savita P. Sahasrabudhe Mr. Pawan J. Rathi Mr. Chinmay Bhandari Total Amount
Fee for attending board / committee meetings 15,000 35,000 30,000 75,000 15,000 1,70,000
Commission - - - - -
Others, please specify - - - - - -
Total (1) 15,000 35,000 30,000 75,000 15,000 1,70,000
Other Non-Executive Directors Mr. Nihal Kulkarni Mr. Madhav R. Chandrachud Ms. Smita A Raichurkar - -
Fee for attending board / committee meetings 30,000 55,000 15,000 - - 1,00,000
Commission - - - - -
Others, please specify - - - - - -
Total (2) 30,000 55,000 15,000 - - 1,00,000
Total (B) = (1 + 2 ) 45,000 90,000 45,000 75,000 15,000 2,70,000
Total Managerial
Remuneration 2,70,000

 

Overall Ceiling as per the companies Act, 2013 Rs.1.00 lac sitting fees per meeting for each Director. However Board has approved Rs. 5000 as sitting fees per meeting for each Director.

Note: Mr. Rajesh D. Phadke resigned w.e.f. 16.05.2019, Mr. Pawan J. Rathi (Non-Executive Independent Director) has been appointed w.e.f. 16.05.2019, Mr. Saurabh B. Patwardhan (Non-Executive Independent Director) has been re-appointed w.e.f. 11.09.2019, Tenure of Mrs. Savita P. Sahasrabudhe has completed from 10.09.2019, Mr. Chinmay Bhandari (Additional Non-Executive Independent Director) has been appointed w.e.f. 27.01.2020 and Ms. Smita A Raichurkar (Additional Non-Executive Director) has been appointed w.e.f. 27.01.2020.

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MANAGING DIRECTOR / MANAGER / WHOLE TIME DIRECTOR

Mr. Mahavir Y. Barlota** Mr. Ajay Shrivastava**,
Sr. No Particulars of Remuneration Chief Financial Officer Company Secretary Total
1 Gross Salary
a) Salary as per provisions contained in Section 17(1) of the Income Tax Act, 1961 5,90,702 4,10,443 10,01,145
b) Value of perquisites under Section 17(2) of the Income Tax Act, 1961 - - -
c) Profits in lieu of salary under Section 17(3) of the Income Tax Act, 1961 - - -
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
- as % of profit - - -
- others, specify ….. - - -
5 Others, please specify
(contribution towards PF & FPF) 20,613 17,988 38,601
Total 6,11,315 4,28,431 10,39,746

* Mr. Mahavir Barlota and Mr. Ajay Shrivastava resigned from the office of Chief Financial Officer and Company Secretary w.e.f.14th March, 2020 and 9th March, 2020 respectively.

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

1. Company – NONE

2. Directors - NONE

3. Other officers in Default - NONE

   

G G Dandekar Machine Works Ltd Company Background

Nihal G Kulkarni
Incorporation Year1938
Registered Office211/A MIDC Buti Bori Indl Est,Village Kinhi Tal Hingana
Nagpur,Maharashtra-441122
Telephone+91-7104-667300,Managing Director
Fax+91-7104-667302
Company Secretary
AuditorKulkarni Soman & Associates
Face Value1
Market Lot1
ListingBSE,
RegistrarLink Intime India Pvt Ltd
BNo 202 Akshay Compl,Off Dhole Patil Road,Near Ganesh Mandir ,Pune-411001

G G Dandekar Machine Works Ltd Company Management

Director NameDirector DesignationYear
Nihal G Kulkarni Chairman 2019
Saurabh Patwardhan Independent Director 2019
Mangesh Joshi Executive Director 2019
Pawan Jasraj Rathi Addtnl Independent Director 2019
Chinmay Madhav Bhandari Addtnl Independent Director 2019

G G Dandekar Machine Works Ltd Listing Information

G G Dandekar Machine Works Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products NA 0004.73341
Other Operating Revenue NA 0000.03503
Castings-Cast Iron MT 0000
Loose Machines No 0000
Rice Mill No 0000

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